ENGLEWOOD, Colo. — Time really is money. Nobody knows that better than Elvis Dumervil and the Denver Broncos.
Dumervil found himself out of a job and the Broncos were without their best defensive end Friday afternoon after they reached an agreement on a new contract, but saw it all come undone when tardy filing of the paperwork forced Denver to release him.
According to an unidentified person, the day played out like this:
• At 1:25 p.m., Denver time, Dumervil agreed to take a $4 million pay cut to remain with the AFC West champions for 2013.
• The paperwork was ready to be signed and sent to the league. But with the clock ticking on a 1:59 p.m. deadline, the Broncos were not seeing any sign of the signed copy on their fax machine.
• With no signed contract in hand as 1:59 approached, the Broncos were forced to cut Dumervil, because once the 1:59 deadline passed, they were on the hook for the $12 million they owed him in the original contract.
• The team received the signed contract via fax at 2:06 p.m. That was seven minutes past the deadline.
— The Associated Press